Short Usd around 110.92 | 01 September 2017

01 September 2017, USD/JPY

Short Usd around 110.92
Technical Observation
Recently, after reaching slightly below 108.40, Usd rose tremendously to the upper side but failed to reach my resistance line set at 110.92. Today, instead of going short on the previous drop in price, I choose to remain flat, my expectations is that price should rise upwards towards 110.92 where I'll pick a short position. According to the 4h hour chart, sellers appear to be encroaching this market, but the best place to short Usd is around 110.92. My advice, wait for a rise towards 110.92, then pick a short position here towards 108.40.
Technical levels:
Resistance levels
R1: 109.77
R2: 109.96
R3: 110.5
Pivot
110.173
Support Levels
S1: 108.34
S2: 108.88
S3: 109.23
Trade Signal
Wait and short Usd around 110.92 towards 108.40 with your stop loss above 111.31.

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Imelda Maseno
Analyst of «FreshForex» company
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